Monday, December 21, 2009

Natty Struggles



Natural is bumping up against some resist here at 5.23, the point at which the C up = .50 of the A (2.40 to 5.35).  It might be done, but for this morning to be a 5 failure both the 4 and 5 would have to be very truncated. More likely the 4 is still developing and a 5 will produce new highs. C= .618 of A at 6.26 .
NG would have to get below 5.52 to write off new highs and confirm a longer term move down is resuming.
BUT if you are a producer levels like 5.93 and further out 6.00 might be worth scaling in at. Beats 3.60.

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